Share-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Share-Based Compensation |
|
| Schedule of movement of stock options |
| | | | | | | | | | | | | | | Weighted | | | | | | | | | | average | | Aggregate | | Weighted | | | Number of | | exercise | | intrinsic | | average | | | Options | | price per | | value of stock | | contractual life | | | Outstanding | | option | | options | | (years) | Outstanding – December 31, 2023 | | — | | | — | | | — | | — | Granted | | 3,940,000 | | $ | 1.71 | | | — | | — | Outstanding – December 31, 2024 | | 3,940,000 | | $ | 1.71 | | | — | | 6.27 | Granted | | 7,750,000 | | | 4.19 | | | — | | — | Forfeited | | (500,000) | | | 1.71 | | | — | | — | Outstanding – December 31, 2025 | | 11,190,000 | | $ | 3.43 | | $ | 30,691 | | 4.63 | Outstanding – December 31, 2025 - Vested and exercisable | | 7,834,167 | | $ | 4.16 | | $ | 15,736 | | 4.50 |
|
| Schedule of stock options granted and outstanding |
| | | | | | | | | | | | | | | Number of Options | | | | | | Weighted average | | Outstanding and | Expiry Date | | Exercise price | | life to expiry (years) | | Exercisable | June 1, 2028 | | $ | 1.73 | | 2.42 | | 750,000 | June 4, 2030 | | $ | 4.66 | | 4.43 | | 6,500,000 | April 9, 2031 | | $ | 1.71 | | 5.27 | | 3,440,000 | March 4, 2032 | | $ | 1.71 | | 6.18 | | 500,000 | | | | | | | | 11,190,000 |
|
| Schedule of market-based awards and the grant date fair value |
| | | | | | | March 4, | | | | 2025 | | Exercise price | | $ | 1.71 | | Share price | | $ | 1.68 | | Volatility | | | 103.85 | % | Term(1) | | | 4.5 years | | Risk-free rate | | | 3.92 | % | Dividend yield | | | 0.0 | % |
| (1) | As there has been no exercise of options granted under the Incentive Plan, the expected term was estimated using the simplified method which is calculated as the average of the time to vest for each tranche from the grant date and the 7-year contractual term. |
|
| Schedule of fair value of tranche and the derived service period |
| | | | | | Tranche | | Fair Value per RSU | | Derived Service Period | 1 | | $ | 4.97 | | 0.39 years | 2 | | $ | 4.80 | | 0.60 years | 3 | | $ | 4.62 | | 0.85 years |
|
| Summary of the RSU activity |
| | | | | | | | | | Weighted | | | Number of RSUs | | average grant- | | | Outstanding | | date fair value | Outstanding - December 31, 2023 | | 12,484,880 | | $ | 1.23 | Granted | | 33,079,041 | | | 1.18 | Forfeited | | (516,685) | | | 1.45 | Exercised | | (10,734,581) | | | 1.39 | Outstanding – December 31, 2024 | | 34,312,655 | | $ | 1.12 | Granted | | 35,381,992 | | | 4.02 | Forfeited | | (1,076,371) | | | 1.46 | Exercised | | (20,296,128) | | | 2.04 | Outstanding – December 31, 2025 | | 48,322,148 | | $ | 2.85 |
| | | | | Vesting Period | | 2025 | | 2024 | Vesting immediately(1) | | 3,432,724 | | 4,538,922 | Vesting fully within and on the first anniversary of the grant date(2) | | 282,878 | | 493,430 | Vesting in thirds on each anniversary of the grant date(3) | | 9,234,611 | | 7,212,374 | Vesting in fourths on each anniversary of the grant date | | 176,302 | | 834,315 | Vesting three years from grant date(4) | | 66,508 | | — | Vesting four years from grant date(5) | | 1,750,000 | | — | Vesting based on performance conditions(6) | | 688,969 | | — | Vesting based on market conditions(7) | | 19,750,000 | | 20,000,000 | Total Units Granted | | 35,381,992 | | 33,079,041 |
| (1) | Of the 3,432,724 RSUs granted during 2025 and vesting immediately, 2,469,585 RSUs were issued to settle liabilities with a carrying amount of $4.1 million, at a weighted average grant date fair value of $1.68 per RSU (2024: 2,812,802 RSUs were issued to settle liabilities with a carrying amount of $4.1 million, at a weighted average grant date fair value of $1.44 per RSU). In addition, the Company granted 661,428 RSUs, to consultants (2024: 720,155 RSUs) resulting in $2.2 million, charged as general and administrative expenses and $0.1 million charged as exploration and evaluation expenses (2024: $1.1 million charged as general and administrative expenses). In the second quarter of 2025, the Company granted 91,512 RSUs to non-employee directors in lieu of cash compensation. The remaining 210,199 RSUs were granted to employees in 2025. |
| (2) | Of the 282,878 RSUs, granted during 2025, an aggregate of 134,226 RSUs were granted to the Company’s non-employee directors under the Company’s Non-employee Director Compensation Policy, which will vest at the Company’s 2026 annual shareholders meeting (2024: 476,189 RSUs issued to Company’s non-employee directors). The total fair value of units granted as annual grants to non-employee directors amounted to $0.6 million (2024: $0.7 million). The remaining 148,652 units were granted to consultants resulting in $0.2 million charged to general and administrative expenses in 2025 (2024: the remaining 17,241 units were granted to a director as annual fees for consulting services to be provided, which were fair valued at $25 thousand). |
| (3) | The Company granted 8,818,935 RSUs in the first quarter of 2025, as payment for the 2024 LTIP awards (2024: 7,144,347 RSUs were issued as payment for the 2023 LTIP awards). In the third quarter of 2025 415,676 RSUs were granted out of which 237,529 RSUs were granted to a director of the Company in exchange for consulting services and the remaining units were granted to a consultant resulting in an aggregate of $0.3 million charged to general and administrative expenses in 2025 (2024: 68,027 units were granted to a non-employee director of the Company as an initial grant, as prescribed under the Company’s Non-employee Director Compensation Policy). |
| (4) | The Company issued a special retention grant to one of the Company’s non-employee directors. The fair value of the grant amounted to $0.3 million. |
| (5) | 1,750,000 RSUs were granted to a director of the Company in exchange for consulting services resulting in an aggregate of $0.8 million charged to general and administrative expenses in 2025 (Note 21). |
| (6) | 688,969 units issued based on performance conditions. In 2025, all these RSUs were vested as the performance conditions were achieved resulting in $2.7 million charged to general and administrative expenses and $0.1 million charged to exploration and evaluation expenses. |
| (7) | From the 19,750,000 RSUs granted in 2025, 18,750,000 RSUs were issued in the third quarter of 2025 and the remaining 1,000,000 RSUs were granted in the last quarter of 2025. Out of 18,750,000 RSUs issued in the third quarter of 2025, 9,000,000 RSUs were granted to certain employees (“Retention Grants”), vesting in two equal tranches based on market and service conditions: Tranche 1: 50% upon the 30-day average share price reaching $10 and Tranche 2: 50% upon the 30-day average share price reaching $12.50, subject to continued employment through specific target dates per the grant terms. |
|
| STIP under 2018 Plan |
|
| Share-Based Compensation |
|
| Schedule of movement of stock options |
| | | | | | | | | | | | | | | Weighted | | Aggregate | | Weighted | | | | | average | | intrinsic | | average | | | Number of | | exercise | | value of | | contractual | | | Options | | price per | | stock | | life | | | Outstanding | | option | | options | | (years) | Outstanding – December 31, 2023 | | 15,074,240 | | $ | 1.41 | | $ | 5,425 | | 4.18 | Exercised | | (715,772) | | | 0.65 | | | — | | — | Expired | | (57,893) | | | 2.60 | | | — | | — | Outstanding – December 31, 2024 | | 14,300,575 | | $ | 1.45 | | $ | 5,321 | | 3.25 | Exercised | | (4,051,304) | | | 0.63 | | | — | | — | Expired | | (11,578) | | | 0.65 | | | — | | — | Outstanding – December 31, 2025 Vested and exercisable | | 10,237,693 | | $ | 1.77 | | $ | 47,037 | | 2.26 |
|
| Schedule of stock options granted and outstanding |
| | | | | | | | | | | | | Weighted average | | Number of Options | | | | | | life to expiry | | Outstanding and | Expiry Date | | Exercise price | | (years) | | Exercisable | January 27, 2026 | | $ | 0.52-$2.59 | | 0.07 | | 590,509 | February 2, 2026 | | $ | 0.65 | | 0.09 | | 34,816 | February 17, 2026 | | $ | 0.52 | | 0.13 | | 75,260 | June 1, 2028 | | $ | 0.65 - $8.64 | | 2.42 | | 8,842,391 | June 30, 2028 | | $ | 2.59 | | 2.50 | | 694,717 | | | | | | | | 10,237,693 |
|
| LTIP under 2018 Plan |
|
| Share-Based Compensation |
|
| Schedule of movement of stock options |
| | | | | | | | | | | | | Weighted | | | | | | Number of | | average | | Aggregate | | | Options | | exercise price | | intrinsic value | | | Outstanding | | per option | | of stock options | Outstanding – December 31, 2023 | | 9,783,922 | | $ | 0.65 | | $ | 4,403 | Expired | | (139,048) | | | 0.65 | | | — | Outstanding – December 31, 2024 | | 9,644,874 | | $ | 0.65 | | $ | 4,533 | Exercised | | (695,242) | | | 0.65 | | | — | Expired | | — | | | — | | | — | Outstanding – December 31, 2025 | | 8,949,632 | | $ | 0.65 | | $ | 49,402 | Outstanding – December 31, 2025 - Vested and exercisable | | 1,668,575 | | $ | 0.65 | | $ | 9,211 |
|
| Tranche 1 and Tranche 2 |
|
| Share-Based Compensation |
|
| Schedule of market-based awards and the grant date fair value |
| | | | | | | | | | | March 14, 2025 | | Tranche | | Tranches 1 and 2 | | Tranche 3 | | Tranche 4 | | Exercise price | | $ | 1.73 | | 1.73 | | 1.73 | | Share price | | $ | 1.85 | | 1.85 | | 1.85 | | Volatility | | | 100.62 | % | 99.67 | % | 100.62 | % | Term | | | 3.22 years | | 3.01 years | | 3.22 years | | Risk-free rate | | | 3.93 | % | 3.92 | % | 3.93 | % | Dividend yield | | | 0.0 | % | 0.0 | % | 0.0 | % |
| | | | | | | August 28, | | | | | 2025 | | Exercise price | | $ | 4.66 | | Share price | | $ | 5.26 | | Volatility | | | 104.10 | % | Term | | | 4.77 years | | Risk-free rate | | | 3.62 | % | Dividend yield | | | 0.0 | % |
|
| Restricted Stock Units ("RSUs") |
|
| Share-Based Compensation |
|
| Schedule of fair value assumptions |
| | | | | | | September 23, | | | | 2025 | | Share price | | $ | 6.32 | | Volatility | | | 100.60 | % | Performance Period to achieve market conditions | | | September 23, 2025 – April 16, 2029 | | Risk-free rate | | | 3.54 | % | Dividend yield | | | 0.0 | % |
| | | | | | | August 28, | | | | 2025 | | Share price | | $ | 5.26 | | Volatility | | | 102.16 | % | Performance Period | | | June 4, 2025 – June 4, 2029 | | Risk-free rate | | | 3.57 | % | Dividend yield | | | 0.0 | % |
| | | | | | | December 30, 2025 | | Share price | | $ | 6.15 | | Volatility | | | 112.74 | % | Performance Period to achieve market conditions | | | December 30, 2025 – April 16, 2029 | | Risk-free rate | | | 3.47 | % | Dividend yield | | | 0.0 | % |
|